‘We are bringing together additional skills, clients and assets to create a discretionary wealth manager of significant scale and market presence.’

Caroline Tye, head of private clients at Newton, said: ‘We are delighted to be joining such a highly regarded discretionary investment management business and are excited by the opportunities that it presents both for our clients and for the team.

The deal is expected to complete within seven months.

Earlier this month, the Daily Telegraph reported that other bidders for Newton were understood to have included Rathbones and Quilter.

After a whistleblower in the Connaught scandal expressed his outrage at the apology received from the regulator, we look at 10 headline-grabbing moments when the FCA and its predecessor was forced to say ‘sorry’.

Following a scathing FCA report on the asset management industry, Mike Barrett, consulting director at the lang cat, explains how advisers can incorporate the regulator’s latest advice into their work, while preparing for future rule changes.

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